FX Strategists at UOB Group noted the pair’s otulook should shift to bearish on a daily close below 0.6850. Key Quotes 24-hour view: “Expectation for sideways trading was incorrect as NZD dropped sharply to hit an overnight low of 0.6860. While at oversold levels, the current weakness has scope to test the strong 0.6850 support before stabilization can be expected (the odds for a move below the next support at 0.6830 are not high). Resistance is at 0.6890 but only a move back above 0.6910 would indicate that a short-term low is in place”. Next 1-3 weeks: “The continuing sharp decline in NZD yesterday came as a surprise (NZD closed lower for the fifth straight day, down by -0.55%). Downward momentum has improved considerably and the odds for a sustained break below the year-to-date low of 0.6850 have increased. In other words, a clear break of 0.6850 (say a NY close below this level) would indicate that NZD has entered a bearish phase (targeting a move to the 2017 low of 0.6780). This scenario appears likely unless NZD can reclaim the ‘key resistance’ at 0.6945 (level previously at 0.6990)”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD: BoE On Hold On Thurs But Not A Non-Event For Pound – MUFG Yohay Elam 5 years FX Strategists at UOB Group noted the pair's otulook should shift to bearish on a daily close below 0.6850. Key Quotes 24-hour view: "Expectation for sideways trading was incorrect as NZD dropped sharply to hit an overnight low of 0.6860. While at oversold levels, the current weakness has scope to test the strong 0.6850 support before stabilization can be expected (the odds for a move below the next support at 0.6830 are not high). Resistance is at 0.6890 but only a move back above 0.6910 would indicate that a short-term low is in place". Next 1-3 weeks: "The continuing sharp… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.